3 weeks ago
Iran’s Oil Revenue Shrinks as Crude Stocks Near Exhaustion
Iran earns money by selling oil.
Some Iranian oil is sitting on ships outside a blockade.
That oil is still bringing money to Iran.
However, the amount has dropped sharply.
It fell from about 90 million barrels in mid-July to around 29 million barrels.
Kpler says the remaining supply could run out next month.
Gulf oil officials also say they are seeing very few Iranian oil cargoes being traded.
If this supply disappears, Iran could face even more financial trouble.
Iranian crude stored on vessels outside the blockade has fallen to about 29 million barrels.
The offshore crude volume was approximately 90 million barrels in mid-July.
Kpler estimates the remaining crude could run out next month.
The crude outside the blockade is still generating revenue for Tehran.
Gulf oil officials say they have found few Iranian cargoes changing hands.
- Who
- Iran, Tehran, Kpler, and Gulf oil officials.
- What
- Iran’s crude oil held on vessels outside a blockade has fallen sharply and could soon run out.
- Where
- The crude is on vessels outside the blockade, while Gulf oil officials are monitoring cargo activity.
- When
- The volume fell from mid-July levels, and Kpler says it could run out next month.
- Why
- Fewer Iranian cargoes are changing hands, reducing the oil supply that is still generating revenue for Tehran.
Key facts
- Current crude volume
- Around 29 million barrels
- Mid-July crude volume
- Around 90 million barrels
- Projected depletion
- The remaining crude could run out next month, according to Kpler.
- Revenue status
- The crude outside the blockade is still generating revenue for Tehran.
- Trading activity
- Gulf oil officials said they have found few Iranian cargoes changing hands.
- Monitoring method
- Gulf oil officials check what customers are buying before setting their monthly oil prices.
Sources
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